Ghana’s Inflation Down to 38.1 Percent in September

By Xinhua 

October 13, 2023

Vendors sell products at a market in Accra, Ghana, on July 14, 2022. Data released by the Ghana Statistical Service (GSS) Wednesday indicated that Ghana's inflation rate rose to 29.8 percent in June, compared with 27.6 percent a month earlier. (Photo by Seth/Xinhua)

Ghana recorded an inflation rate of 38.1 percent in September, two percentage points lower than the previous month, the Ghana Statistical Service (GSS) said on Wednesday.

Samuel Annim, the government statistician at the GSS, said during a regular monthly briefing that inflation for food and non-alcoholic beverages declined further to 49.4 percent from 51.9 percent in August, while non-food inflation declined by 1.6 percentage points to 29.3 percent.

Meanwhile, inflation for locally produced and imported items stood at 37.3 percent and 39.9 percent, respectively, the official revealed.

Despite the decline, Ghana’s inflation rate is still far above the central bank’s medium-term target band of six percent to 10 percent.

In recent years, the West African country has been plagued by an economic crisis exacerbated by high inflation. Therefore, Ghana commenced an implementation of economic reforms in May, backed by a loan of 3 billion U.S. dollars from the International Monetary Fund, seeking to revive its economy.